Monday, February 23, 2009

Fed Talk: Bernanke Goes to Congress

"I swear to tell the truth, to uphold the constitution, to..........................."

Ben Bernanke, head spokesman for the private criminal syndicate Federal Reserve will be delivering his semiannual report on monetary policy and the state of the economy to Congress on Tuesday and Wednesday.

With stocks falling on fears that big banks will be nationalized, Bernanke is likely to be pressed on government plans to clean up the financial sector when he delivers the semiannual monetary policy report of the Fed to Congress in testimony Tuesday and Wednesday.

In addition, the Fed chief will face the challenge of making the case that the U.S. central bank, which has chopped interest rates nearly to zero and flooded markets with hundreds of billions of dollars, still has the ammunition to pull the economy out of its worst downturn since the early 1980s.

"He's going to talk about the Fed still having tools in its tool kit and that it will do whatever it can to get the economy going," said Joseph LaVorgna, an economist for Deutsche Bank Securities in New York.

How many in your face real questions will we get from our congress when Bernanke comes to town? I don't think there will be very many CSPAN highlight clips that we will be happy with.

Our designated Republican dissenter Ron Paul, if he gets his five minutes, may get a few jabs in. Will the designated Democratic dissenter, Dennis Kucinich, get to question Ben? Without anyone else to back them up, it won't mean much.

The Federal Reserve controls the flow of money and credit in our economy because Congress has abdicated its responsibility over the nation’s currency. This process therefore occurs centrally, and almost completely outside the system of checks and balances. Because of legal tender laws, people are left with no real choice, except to build their lives and futures around this monopoly currency, vulnerable to powerful central bankers. The Founding Fathers intended only gold and silver to be used as currency, however, inch by inch over the decades, this country has backed away from this important restraint. Our money today has no link whatsoever to gold or silver. For many reasons, this is extremely dangerous, and has a lot to do with the boom and bust cycles that have resulted in the crisis in which we find ourselves today.

The Fed is now pledging to reveal to the public more about its economic predictions, and calls this greater transparency. This is little more than window-dressing, at best, utterly useless at worst. Many analysts, especially those familiar with the Austrian school of economics, saw the current economic crisis coming years ago when the Federal Reserve was still telling the American people their policies were as good as gold. So while it might be nice to know what fantasy-infused outlook the Fed has on the economy, I am much more interested in what they are doing as a result of their faulty, haphazard interpretation of data. For instance, what arrangements do they have with other foreign central banks? What the Fed does on that front could very well affect or undermine foreign policy, or even contribute to starting a war. We also need to know the source and destination of funds provided through the Fed’s emergency funding facilities. Information such as this will provide a more accurate and complete picture of the true cost of these endless bailouts and spending packages, and could very likely affect the decisions being made in Congress. But with so much of the Fed’s business cloaked in secrecy, these latest initiatives will not even scratch the surface of the Fed’s opaque operations. People are demanding answers and explanations for our economic malaise, and we should settle for nothing less than the whole truth on monetary policy.

The first step is to pass legislation I will soon introduce requiring an audit of the Federal Reserve so we can at least get an accurate picture of what is happening with our money. If this audit reveals what I suspect, and Congress has finally had enough, they can also pass my legislation to abolish the Federal Reserve and put control of the economy’s lifeblood, the currency, back where it Constitutionally belongs. If Congress refuses to do these two things, the very least they could do is repeal legal tender laws and allow people to choose a different currency in which to operate. If the Fed refuses to open its books to an audit, and Congress refuses to demand this, the people should not be subject to the whims of this secretive and incompetent organization.

The word I have to take objection to in Dr. Paul's post is 'incompetent.' This could be interpreted that the economic situation today wasn't a malicious planned effort on the part of the Fed and their owners but just the result of a few greedy 'rouges' and a bunch of idiots in charge.

Is the Fed incompetent?

Yes, there have been many incompetent criminal schemes. Only a few have the money and power to cover up and buy their way out of the crimes they commit. The Fed is one of them.

3 comments:

Oh hell no! Just look at the mountain of debt they've buried the USA under. A debt load so huge that our grandkids will be paying off interest on our debts and their kids too.

The Fed has done a bang up job for the private banks and the families, like the Rothschilds, that control those banks, guaranteeing them a steady and growing income for centuries.

Yes, the owners of the Fed are very pleased with the Fed's handiwork.

I watched part of a CSpan morning call in show about the economy.

One caller started talking about the Fed and how they control things and the moderator first got a bug-eyed look on his face, then his right arm sanked down to his side, with his finger on the button that cuts off the caller.

Sure enough, shortly into the second sentence about the Fed the caller was making, the call was cut off.

Can't be having us debt slaves getting too "uppity" about who owns us.

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